I suppose this will be considered nautical heresy, but here goes:

When my wife and I first started cruising about 5 years ago we were careful to calibrate (swing) the compas and make a deviation chart, etc.  Mounted next to the compass was our GPS unit.  After all that we had read about the importance of the compass it suprised us that in 4 years of cruising I don't think we ever looked at the compass once.  We eventually quit taking the cover off.  On the other hand, the GPS was used constantly.

Instead of heading, the GPS gives you your track, which is what you really want to know.  Of course, some of the other benefits are that it gives you true speed (no need for a knot meter, which only gives you relative speed), position, tells you if you're on course, and tells you if your anchor is dragging.

I suppose one could argue that the compass is low tech, doesn't require batteries, and is more reliable.  But I remember making the same argument for holding onto my slide rule.
I still keep it stowed away somewhere in case the batteries die on my calculator.

On our new M15, insead of a compass, I'm considering either just carrying a handheld GPS or possibly mounting one on the bulkhead.  Of course, I will still keep a small handheld compass stowed away for the day when the batteries die or the satellites fail.  Maybe I will keep it with my slide rule.

Steve Martin,  M15 "Cadenza"